(1) An institution or entity is under special management where a resolution order has appointed a special manager to that institution or entity, and the special management has not terminated under paragraph (5).
(2) The special manager shall be appointed for the period of the special management set out in the resolution order.
(3) A special manager shall not be appointed for more than one year but that period may be renewed by the Court, on an exceptional basis, where the resolution authority determines that the reasons for appointment of a special manager continue to exist and applies to vary the resolution order under Regulation 108.
(4) The resignation or removal of, or inability to act by, a special manager under this Chapter does not of itself terminate the special management of the institution under resolution.
(5) The special management of an institution or entity terminates -
(a) at the end of the period referred to in paragraphs (1) or (3), as the case may be,
(b) on the setti
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